Millions of self-employed people whose livelihoods continue to be affected by coronavirus are now able to claim a second payment of up to £6,570 from today.

If you want to know more detail about the Scheme, follow this link:

https://www.gov.uk/government/news/million-of-self-employed-to-benefit-from-second-stage-of-support-scheme

 

  1. Introduction
  • If you are self employed, and deemed eligible (see below), you are now able to receive a second and final grant with the money set to land in your bank accounts within six working days of making a claim;
  • You are eligible for the second tranche of the Scheme if your self-employed business has been adversely affected by coronavirus since 14 July 2020;
  • HMRC are to contact all potentially eligible self employed tax payers to advise you that you can claim for a second and final SEISS grant.
  • The grant is taxable upon your 20/21 tax return;

 

  1. When Will The Support Be Available?
  • Applications for the second and final grant are now open;
  • Eligible customers will be informed by HMRC of the date that they will be able to make their claim for the second and final grant between now and the scheme closure date of 19 October 2020.

 

  1. How Much Will I Get?
  • Individuals will be able to claim a second taxable grant worth 70% of your average monthly trading profits;
  • You will paid out in a single instalment covering 3 months’ worth of profits;

 

  1. How Do I Assess Whether My Business Has Been Adversely Affected?
  • Whether your business has been adversely affected is typically a matter of fact when considering whether it has experienced lower income or higher costs due to coronavirus;
  • HMRC expects you to make an honest assessment about whether your business has been adversely affected;
  • There is no minimum threshold over which your business’ income or costs need to have changed;
  • You are recommended to keep records of how and when your business has been adversely affected.

 

  1. Is There Any Help To Guide Me Whether My Business Has Been Adversely Affected
  • HMRC have indicated that your business could be adversely affected by coronavirus if, for example:
  • You are unable to work because you:
  • are shielding;
  • are self-isolating;
  • are on sick leave because of coronavirus;
  • have caring responsibilities because of coronavirus;
  • you have had to scale down, temporarily stop trading or incurred additional costs because:
  • your supply chain has been interrupted;
  • you have fewer or no customers or clients;
  • your staff are unable to come in to work;
  • one or more of your contracts have been cancelled;
  • you had to buy protective equipment so you could trade following social distancing rules.
  • Note that if your business recovers after you’ve claimed, your eligibility will not be affected.

 

  1. Am I Eligible?
  • The eligibility criteria remain the same, with individuals needing to be able to confirm that their business has been adversely affected by coronavirus.
  • An individual does not need to have claimed the first grant to receive the second grant as (for example) you may only have been adversely affected by COVID-19 in this later phase;
  • You are eligible for the Scheme if:
  • submitted your Income Tax Self-Assessment tax return for the tax year 2018-19;
  • continued to trade in 2019-20 and intend to keep trading in 2020-21;
  • carry on a trade which has been adversely affected by COVID-19;
  • have average self-employed trading profits of no more than £50,000 and at least equal to your non-trading income

 

  1. Can The Grant Be Reclaimed From Me?
  • No – so long as you are eligible for the Scheme;

 

  1. Can I Still Claim For The First Grant?
  • No – applications for the first grant closed on 13 July 2020;

Barrons has put together a helpful guide to running your business during the coronavirus crisis.